2012.05.25 16:21:05 Mexico Stocks Mostly Lower As Euro-Zone Crisis Simmers

--IPC stock index down 0.2% in early trading --Concerns persist about a Greek exit from the euro zone --Peso modestly stronger, but 7% weaker than end-April By Amy Guthrie Of DOW JONES NEWSWIRES MEXICO CITY (Dow Jones)--Mexican stocks were largely in negative territory early Friday as the simmering euro-zone crisis drove investors away from equities heading into a long holiday weekend for U.S. markets. The IPC index of Mexico's most-traded shares was recently down 73 points, or 0.2%, to 37480 points on volume of 17 million shares worth 353 million pesos ($25 million). The peso, though, was modestly stronger at MXN13.9930 compared with MXN14.0085 at the close Thursday. "The dollar is mostly softer as selling momentum for most foreign currencies approaches exhaustion," Brown Brothers Harriman said in a morning note. The peso has lost about 7% of its value versus the dollar this month as concerns mounted that Greece would leave the euro zone, sparking a crisis that could crimp global growth. Among Mexican blue-chip shares early Friday, wireless carrier America Movil was down 0.7% to MXN16.71, cement maker Cemex was off 0.4% to MXN7.62 and retailer Wal-Mart de Mexico was up 0.4% to MXN36.38. "We expect a lateral session for the IPC, dominated by uncertainty but with a notable support due to the apparent preference for Mexico amid the volatility impacting other emerging markets, with our closeness to the U.S. standing out as a point of differentiation," Mexican brokerage Banorte-Ixe said in a morning note. Mexico on Friday posted a strong trade surplus for April, fueled by manufacturing exports to the U.S. and a favorable balance between crude-oil exports and petroleum imports of fuels like gasoline and cooking gas. The U.S. absorbs around 80% of Mexican exports. If the IPC index approaches 37000 points, Banorte-Ixe added, buying opportunities worth considering will arise. -By Amy Guthrie, Dow Jones Newswires; (5255) 5980-5177, amy.guthrie@dowjones.com (END) Dow Jones Newswires May 25, 2012 10:21 ET (14:21 GMT)